I don't have a problem with the word "content" in the context of content vs framing. e.g. if you are designing a network protocol, you care about distinguishing the content of the message from the framing, and you don't care at all what the nature of the content is, it could be video, image, text, etc, and it could serve many different purposes (entertainment, personal communication, employee training, archival/backup, etc).
However, this sort of language has crept into discussions of online entertainment, for no good reason. "I'm not an online entertainer, creating entertainment for people to enjoy, I am a content-creator creating content for people to consume." I think people don't like to think about what they're creating or consuming as entertainment, because society has already attached a connotation of triviality to the term "entertainment" (for good reason IMO).
Someone who talks about "content" is adopting the terminology and framing of a businessman, who cares little what purpose the "content" serves, just that it can attract attention, and thus money.
To be fair, once the internet is entirely taken over by bots, maybe it will be appropriate to call the stuff that bots create and consume "content" without a whiff of irony.